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THE LATEST NEWS & "THE CLOUD ACCOUNTANT" BLOG POSTS FROM EDGEPOINT CONSULTING*, CHARTERED PROFESSIONAL ACCOUNTANT

CRA Prescribed Interest Rates for 1st quarter 2019 (January 1 to March 31) announced
December 27, 2018

Announcement by CRA that the prescribed interest rates for the first quarter of 2019 will remain unchanged at 2% for taxable benefits and corporate refunds, 4% for personal refunds, and 6% for arrears and installment interest.  For more information visit:
Government of Canada - Prescribed Interest Rates

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2019 Automobile Deduction Limits & Expense Benefit Rates for Businesses

December 27, 2018


The limit on the deduction of tax-exempt automobile allowances for 2019 will be 58 cents per Km on the first 5,000 Km driven, and 52 cents per Km for each additional Km.  For the NWT; Nunavut; Yukon the allowance will be 62 cents per Km for the first 5,000 Km driven and 56 cents per Km thereafter.  For more information visit: Department of Finance - Automobile Deduction Limits

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Small Businesses - Privacy Breaches

November 2, 2018


As of November 1, 2018, businesses subject to The Personal Information Protection and Electronic Documentation Act (PIPEDA) will be required to report breaches of security safeguards involving personal information that poses a "real risk of significant harm to individuals" to the Privacy Commissioner of Canada.  Compliance with standards for notification of affected individuals and retention of breach records is also required.  For more information visit the website of the Office of the Privacy Commissioner of Canada.

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Is your business affected by the new Tax On Split Income and Passive Investment Rules?

October 29, 2018


The proposed federal government changes to tax rules that will restrict income splitting using private corporations are effective January 1, 2018, it is important to review this with your tax accountant to discuss how the proposed new rules will impact your family's tax planning.


Two separate measures have been introduced to reduce the tax deferral benefit of earning passive investment income in a private corporation that also earns income from active business that is taxed at the small business rate. These new measures will apply to taxation years that begin after 2018 and will:

  • limit access to the small business tax rate
  • limit access to refundable taxes

Contact your tax accountant to learn more about the proposed changes, and how your business can minimize the impact of these proposed changes.

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CRA Prescribed Interest Rates for 4th quarter 2018 (October 1 to December 31) announced

September 27, 2018


Announcement by CRA that the prescribed interest rates for the fourth quarter of 2018 will remain unchanged at 2% for taxable benefits and corporate refunds, 4% for personal refunds, and 6% for arrears and installment interest.

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Reminder - Alberta Minimum Wage Increase Effective October 1, 2018
September 7, 2018

Don't forget that effective October 1, 2018 the new minimum wage in Alberta will be increasing to $15.00/hour.  Talk to your payroll provider or update your software with this new rate.